Best Answer: A mortgage pre-approval is based on several things.
1. Debt to income ratio - if buying FHA (3.5% down pymt) then you can safely go to 43% of your GROSS monthly income for a mortgage payment plus all debts.
If you earn $2000 monthly net and we gross that up 20% then you are at $2400 before taxes - at a 43% DTI you would qualify for a $1032 mortgage pymt with ZERO debt. That's much more than the $50,000 loan you are looking for as long as taxes and insurance are reasonable.
HOWEVER, you still must have your credit checked, have been employed for 2 years and have a down payment of at least 3.5%.
In other words there's more to it but it sounds like you are well on you r way to qualifying.
Figuring you probably gross about $35,000 a year, you should be good for about $90,000 to $100,000. You are going to have to save a bit more, as even an FHA loan will require over $1,500 down and then closing costs (figure another $1,500 to $2,500).